Enea S.A. — Earnings Release 2025

Mar 10, 2026

Report Content Current Report No.: 10/2026

Date of Preparation: 10 March 2026

Issuer's Abbreviated Name: Enea S.A.

Subject: Information on preliminary financial and operating results for2025 and Q4 2025

Legal Basis: Article 17(1) of the Market Abuse Regulation - insideinformation

Body of the report:

In connection with the adoption, on 10 March 2026, by the ManagementBoard of Enea S.A. ("Company", "Issuer"), of information on preliminaryfinancial and operating results of the Enea Group for 2025 and Q4 2025,the Company hereby publishes the said preliminary results.

Consolidated financial results of the Enea Group for 2025:

- Revenue from sales and other income: PLN 28,137 million,

- EBITDA: PLN 5,641 million,

- Profit before tax: PLN 2,428 million,

- Net profit for the reporting period: PLN 1,782 million,

- Net profit attributable to shareholders of the parent company: PLN1,833 million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 7,069 million,

- Net debt / LTM EBITDA ratio: 0.48.

EBITDA in the distinct operating areas:

- Mining: PLN 545 million,

- Generation: PLN 2,132 million, of which: PLN 1,769 million fromconventional energy sources, PLN 112 million from RES, PLN 251 millionfrom heat,

- Distribution: PLN 2,784 million,

- Trading: PLN 184 million, of which: retail trading of PLN 195 million,wholesale trading of PLN -11 million.

Selected operating highlights:

- Net coal production: 7.6 million tons,

- Total net electricity generation: 20.4 TWh, of which 1.5 TWh frombiomass and 0.6 TWh from RES,

- Sales of distribution services to end users: 20.3 TWh,

- Sales of electricity and gaseous fuel to retail customers: 24.5 TWh.

Consolidated financial results of the Enea Group for Q4 2025:

- Revenue from sales and other income: PLN 7,453 million,

- EBITDA: PLN 983 million,

- Loss before tax: PLN -928 million,

- Net loss in the reporting period: PLN -940 million,

- Net loss attributable to shareholders of the parent company: PLN -840million,

- Capital expenditures on property, plant and equipment and intangibleassets: PLN 2,627 million,

- Net debt / LTM EBITDA ratio: 0.48.

EBITDA in the distinct operating areas:

- Mining: PLN 240 million,

- Generation: PLN 663 million, of which: PLN 524 million fromconventional energy sources, PLN 40 million from RES, PLN 99 millionfrom heat,

- Distribution: PLN 685 million,

- Trading: PLN -403 million, of which: retail trading of PLN -379million, wholesale trading of PLN -24 million.

Selected operating highlights:

- Net coal production: 2.4 million tons,

- Total net electricity generation: 5.7 TWh, of which 0.4 TWh frombiomass and 0.2 TWh from RES,

- Sales of distribution services to end users: 5.3 TWh,

- Sales of electricity and gaseous fuel to retail customers: 6.5 TWh.

EBITDA generated by the Enea Group in Q4 2025 was driven by thefollowing factors (as compared to Q4 2024):

- The lower EBITDA in the Mining Area resulted from a decrease inrevenue from sales of coal. Along with a lower coal sales volume, alower sales price was realized.

- In the Generation Area, a lower EBITDA was posted. The System PowerPlants Segment saw a decrease in EBITDA, largely as a consequence of adecline in the concession result on electricity generation, a lowermargin on electricity trading, a lower margin on the Green Unit andhigher revenue from the Capacity Market. In the RES Segment, an increasein EBITDA was recorded, driven by stronger performance in the Wind Area.The Heat Segment saw an improvement in EBITDA, driven by an increase inthe unit margin (mainly due to a decrease in unit fuel costs).

- In the Distribution Area, the improvement in EBITDA was driven by thehigher margin realized on the concession business and a decline inprovisions related to grid assets. In parallel, operating expenses wentup.

- In the Trading Area, the lower EBITDA was mainly due to an increase inthe estimate of provisions related to onerous contracts. At the sametime, margins in the retail market improved. Moreover, EBITDA wassignificantly affected by the establishment of a provision in the amountof PLN 139.9 million in connection with the decision of the President ofthe Energy Regulatory Office ("ERO President") on the obligation totransfer to the Price Difference Fund account an amount representing thedifference between the amount calculated by the ERO President and thewrite-off made by the Company to the Price Difference Fund in 2023-2025.The Issuer disclosed information on the need to establish the provisionin Current Report No. 9/2026.

On account of the application of settlements with eligible offtakerspursuant to the Act of 7 October 2022 on Special Solutions to ProtectElectricity Offtakers in 2023 and 2024 in Connection with the Situationon the Electricity Market and on account of the application of themaximum price in accordance with the Act of 27 October 2022 on EmergencyMeasures to Reduce Electricity Prices and Support Certain Consumers in2023-2025, Enea recognized in Q4 2025 compensation revenues in the totalamount of PLN 115 million and in 2025 in the total amount of PLN 577million.

Standalone financial results of Enea S.A. for 2025:

- Revenue from sales and other income: PLN 13,285 million,

- EBITDA: PLN 89 million,

- Profit before tax: PLN 1,034 million,

- Net profit for the reporting period: PLN 975 million.

The preliminary results include one-off accounting operations in thefinancial statements for 2025, as disclosed by the Issuer in CurrentReport No. 8/2026, with the reservation that the values of impairmentlosses in the standalone financial statements of Enea S.A. for 2025 havechanged. The value of the shareholding in Enea Wytwarzanie sp. z o.o.remains unaffected by an impairment loss at approx. PLN 381 million,while the value of the shareholding in Enea Elektrownia Połaniec S.A.has been reduced by an additional impairment loss of approx. PLN 388million and therefore has been written off completely. In total, thechanges described above, as compared to the information provided in thesaid Current Report, will affect the standalone financial statements ofEnea S.A. for 2025 by reducing the pre-tax profit and net profit for thereporting period by approx. PLN 7 million.

Please be advised that the foregoing figures are estimates and as suchare subject to change, and that their final values will be presented inperiodic reports to be published by Enea S.A. and the Enea Group for2025.

Please note that the term EBITDA is defined as the value of operatingprofit (loss) + depreciation and amortization + impairment losses onnon-financial non-current assets (values for the reporting period). TheNet debt / LTM EBITDA ratio is equal to (loans, borrowings andnon-current and current debt securities + non-current and currentfinance lease liabilities + non-current and current financialliabilities measured at fair value - cash and cash equivalents -non-current and current financial assets measured at fair value -non-current and current debt financial assets measured at amortized cost- other current investments) / LTM EBITDA. LTM EBITDA means EBITDA forthe last 12 months.